General Discussion

marble falls

(57,246 posts) Fri Apr 3, 2020, 07:37 PM Apr 2020

A Friday night tradition -- crisis-driven bank failures -- may be returning to the United States.

A bank in West Virginia is the first to fail in the virus crisis.

https://www.nytimes.com/2020/04/03/business/stock-market-today-coronavirus.html

A Friday night tradition — crisis-driven bank failures — may be returning to the United States.

The Federal Deposit Insurance Corporation on Friday took control of the First State Bank, based in Barboursville, W.Va. The agency sold the bank’s deposits and most of its assets to a neighbor in the same state, MVB Bank of Fairmount.

First State Bank’s president was the great-grandson of its founder. As of late Friday afternoon, its website still displayed a video that narrated its 115-year history. But its $140 million in deposits were no longer its own.

“The First State Bank has experienced longstanding capital and asset quality issues, operating with financial difficulties since 2015,” the F.D.I.C. said in a news release on Friday.

<snip>

Sounding more like another fucking GOP recession. Vote.

9 replies

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Highlight:

A Friday night tradition -- crisis-driven bank failures -- may be returning to the United States. (Original Post) marble falls Apr 2020 OP

Trumpcession. gibraltar72 Apr 2020 #1

Like it! marble falls Apr 2020 #2

Time to roast some Oligarchs Mopar151 Apr 2020 #3

I posted March 22 about possible problems with our banking system. Alwaysna Apr 2020 #4

I think yours was about world wide conspiracy for some sort of take over by the wealthy ... marble falls Apr 2020 #5

No. Not at all. I expressed concern in regards to our banking system and what people do when Alwaysna Apr 2020 #7

I read that post, and I share your concerns. Nt End Of The Road Apr 2020 #8

Thanks for the validation. Alwaysna Apr 2020 #9

You predicted a small bank in West Virginia would fail and nobody believed you? mathematic Apr 2020 #6

gibraltar72

(7,512 posts)

1. Trumpcession.

Reply to marble falls (Original post)

Fri Apr 3, 2020, 07:40 PM

Apr 2020

marble falls

(57,246 posts)

2. Like it!

Reply to gibraltar72 (Reply #1)

Fri Apr 3, 2020, 07:48 PM

Apr 2020

Mopar151

(9,999 posts)

3. Time to roast some Oligarchs

Reply to marble falls (Original post)

Fri Apr 3, 2020, 07:51 PM

Apr 2020

Pitchforks, torches, a mighty fire.

Alwaysna

(574 posts)

4. I posted March 22 about possible problems with our banking system.

Reply to marble falls (Original post)

Fri Apr 3, 2020, 08:18 PM

Apr 2020

And the idea was pooh-poohed or I was accused of stirring up trouble and accused of being a Russian troll.
It just stands to reason that various systems and industries we depend on could collapse -such as medical, law enforcement, criminal justice, health insurance, travel industry etc that problems with banking would be probable. I'm not being an alarmist but I'm less anxious when I feel prepared.